1. Crescent Capital BDC has a well-diversified, defensive portfolio with 89.2% first-lien debt and decreasing non-accruals, indicating high portfolio quality. 2. CCAP is sensitive to interest rate cuts due to its floating-rate debt investments, but lower interest expenses and increased market activity could somewhat offset this. 3. Despite potential interest rate cuts, CCAP's dividends remain well-covered, with a strong net investment income per share providing robust dividend coverage.